Key Note Presentation on 'Y are they different' for 3M 7 Oct 2011

Prof Sattar Bawany, Managing Director

Merle Chen, Business Development Manager

Friday, 7 October 2011

Y Are They Different:

Harnessing the Potential of a Multi-

Generational Workforce

DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 2 2

ARE YOU A TIGER OR DEER?

Every morning in Asia, a tiger wakes up. It knows it

must outrun the slowest deer or it will starve to death.

Every morning in Asia, a deer wakes

up. It knows it must run faster than the

fastest tiger or it will be killed.

It doesn’t matter whether you are a tiger or a deer: when

the sun comes up, you’d better be running…..


About DBM

A global human capital management firm

Provide career transition, coaching and talent development solutions to

private and public companies and government organisations

Over 40 years of global experience

Present in 55 countries with 230 offices

Customers include 70% of the Fortune 500 & 80% of the Global 500

Customised support for companies operating under different

conditions

Growth

M&A

Restructuring


Gen Y – Y Are They Different?


Agenda

Generational Diversity in Today‟s Workplace

Overview of Generational Differences:

Perceived Strengths

Common Perceptions

Communication Across Generations

Leading and Engaging Gen Y

Recommendations on Achieving Synergy

Summary and Q & A Session


Changing Demographics

Increasing numbers of Gen Y entering the workforce.

Baby Boomers & Traditionalists are continuing to work for longer

tenures or are Re-engaged into the workforce.

Key findings from survey commissioned by Tripartite Alliance for

Fair Employment Practices (TAFEP), 2010:

Gen X and Gen Y make up 60% of the Singapore workforce.

Means that 40% of the Singapore workforce is over 45 years of

age.

Key to Business Success – Quality of Workforce in

sustaining high performance.

Multi-generational teams improve organisational

effectiveness and performance.

Generational Diversity in Today’s

Workforce

Adapted from: TAFEP‟s Report on „Harnessing the Potential of Singapore‟s Multi-generational Workforce‟, 2010


More flexible in changing demographics

Broader insight into your customer base

Wider pool of Talent

Diverse perspectives leading to stronger

decision-making

Greater innovation and creativity

Meet the needs of diverse stakeholders

Benefits of Multi-Generational Work

Teams

Multi -generational workplaces can be a source of positive

challenge, opportunity, and significant growth if managed

effectively.


Leading Multi-Generational Workforce

• ROI

• Employee

Turnover/Retention

• Employee Satisfaction/

Loyalty

• Customer

Satisfaction/Loyalty

• Rewards

• Espirit De Corps

• Flexibility

• EQ/EI Competencies

• Managerial Skills

• Leadership Styles

Organisational Results

Employee Engagement

Organisational Climate

Leadership

Effectiveness


Each generation has its own characteristics; different values

and workplace concepts (E.g. Work-life balance, loyalty,

teamwork) are understood differently.

These differences can breed misunderstanding, conflict and

compromise growth.

Key is in managing these differences effectively and reducing

bias.

Multi-Generational Differences - An

issue?

Age Conditions Experience

Generational

Attributes

Source: Justine James, Sally Bibb, Simon Walker, „Global Tells How It Is‟ Summary Research Report, 2008.


Source: The Straits Times, 8 April 2010


Traditionalists Baby Boomers Gen X Gen Y

Career

Goals

Legacy Stellar Career Portable Career Parallel Careers

Rewards Satisfaction of

a Job Well

Done

Money, Title,

Recognition, Corner

Office

Freedom Is The

Ultimate

Reward

Work That Has

Meaning

Work-Life

Balance

Support in

shifting the

balance

Help me balance

everyone else and

find meaning in

myself

Give me

balance NOW!

Not when I‟m

65

Work isn‟t

everything.

Flexibility to

balance my other

activities

Job

Changing

Carries a

stigma

Puts you behind Is Necessary Is Expected

Training I learned the

hard way, you

can too!

Train them too much

and they‟ll leave

The more they

learn, the more

they‟ll stay

Continuous

learning is a way

of life

Overview of Generational Differences

Source: Lynne C. Lancaster and David Stillman „When Generations Collide: Who They Are. Why They Clash. How to Solve

the Generational Puzzle at Work‟, 2002.


Calculate Your Current (and Future) Investment in Gen Y.

How many Gen Y employees does your organisation currently

have?

What is the average compensation for Gen Y employee at your

organisation?

Multiply the number of Gen Y employees x Your average

compensation.

Can be seen as the risk your organisation takes in

assuming Gen Y will meet your employment needs.

The better managed this investment, the lower the risk and

the better return for all involved.

Why The Focus on Gen Y?


What is the average tenure for your top-performing Gen Y

employees?

What are the top three (3) reasons good employees leave

your organisation?

Food For Thought


Source: “‟Y‟ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, GMP & Temasek

Polytechnic, 2009

Leading Gen Y Employees

Leadership Characteristics

That Gen Y-ers Want Their

Leaders To Demonstrate

Leadership Characteristics

That Managers From The

Other Generations Believe In

Demonstrating To Gen Y-ers

1. Caring (54%) 1. Competent (54%)

2. Inspiring (45%) 2. Honest (32%)

3. Competent (44%) 3. Forward-looking (31%) *Numbers in parentheses reflect percentage of respondents who selected this as a preferred strategy.


Source: “‟Y‟ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, GMP & Temasek

Polytechnic, 2009

Engaging Gen Y Employees

Top Factors That Motivate Gen

Y To Stay In Organisations

Retention Strategies Most

Utilised By Organisations

1. Opportunities for Career

Advancement (63%)

1. Opportunities for Career

Advancement (43%)

2. Good Work-Life Harmony (41%) 2. Emphasis on Learning &

Development (37%)

3. Good Relationships (40%) 3. Good Compensation (24%) *Numbers in parentheses reflect percentage of respondents who selected this as a preferred strategy.


AchievementDefining and

attaining goals and results

PowerInfluencing others

and having an impact

AffiliationEstablishing and

maintaining positive personal

relationships

Motives

AchievementDefining and

attaining goals and results

PowerInfluencing others

and having an impact

AffiliationEstablishing and

maintaining positive personal

relationships

Motives

Engaging Multi-Generational Employees

Source: David C. McClelland, "Methods of Measuring Human Motivation", in John W. Atkinson, ed., The Achieving Society

(Princeton, N.J.: D. Van Nostrand, 1961), pp. 41–43.


Communication is key to inspire commitment

“Opportunities for Career Advancement” and “Good Relationships”

are key factors that motivate Gen Y-ers to remain in organisations.

Regular dialogue between Gen Y-er and supervisor - Start from

the first day at work.

Engage Gen Y through Coaching

Develop Coaching competency of managers to be comfortable and

confident in having conversations surrounding professional

development plans.

Encourage constant feedback and show recognition for Y-er‟s work

contribution.

Team Work „Y‟ Style

Encourage staff gatherings, social events and „mixers‟ with

workmates.

Recommendations


Conclusion – Key Takeaways

Each generation brings to the table different approaches to

- Work, Interaction, and how they view business strategies.

The end result is a greater diversity and variety of opinions,

creativity and talent.

When managed effectively, a multigenerational team can

add tremendous value to your organisation.

However, as employees in the various age groups may not

naturally interact with each other, leaders may need to

make a concerted effort to facilitate collaboration and

reduce bias.

Source: Lee, Katherine Spencer „Managing a Multi-generational Workforce‟, CIO Update, June 2006


If you do tomorrow what you did yesterday

Your Future is History……………

Final Thoughts…

If you do tomorrow what we’ve covered today

Your Future is Historic!!!


Visit www.dbm.com/sg/en

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Articles

Case Studies

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For further dialogue, contact:

Prof Sattar Bawany

Managing Director, Singapore

Email: [email protected]

LinkedIn: www.linkedin.com/in/bawany

Merle Chen

Email: [email protected]

LinkedIn: www.linkedin.com/in/merlechen

Question & Answer

mailto:[email protected]

http://www.linkedin.com/in/bawany

http://www.linkedin.com/in/bawany

mailto:[email protected]

http://www.linkedin.com/in/merlechen